Figaro Coffee Group Debuts on Philippine Stock Exchange

On Monday, Figaro Coffee Group Inc. (FCG) debuted on the Philippine stock market where it was able to reach a high of ₱0.89 per share until eventually closing at ₱0.77 apiece. This accounted for a 2.67% increase over its initial public offering (IPO) price of ₱0.75 per share. Through its IPO, FCG was able to raise ₱767 million by selling 930.2 million common shares along with an over-allotment option of up to 93 million common shares.

The food conglomerate is only the second company to go public in 2022 following housing developer HausTalk Inc. (HTI). Proceeds from FCG’s IPO are expected to be utilized for store openings and renovations, commissary expansion, IT infrastructure developments, potential acquisitions, and debt repayment.

“As the nation arises with renewed strength and vigor from adversities, we at Figaro Coffee Group will continue to do what we do best to contribute to our economy, stakeholders and the country as one,” explained Justin Liu, FCG Chairman, during the virtual listing ceremony.  “We would like to assure our investors and customers that FCG will continue to look for avenues for growth and we endeavor to provide high-quality products,” Liu added.

The listing of FCG “demonstrated investor confidence in the products and prospects of the company’s food and beverage brands as well as its strategic objectives to further grow its business” according to Philippine Stock Exchange (PSE) President and CEO Ramon Monzon. He also pointed out that FCG’s local small investor (LSI) tranche was also “well received.” “The percentage take-up of Figaro’s LSI tranche is the fourth highest out of the 17 companies that have so far used the PSE EASy platform.”

Meanwhile, Securities and Exchange Commission (SEC) Chairman Emilio Aquino looks at the food conglomerate’s listing as a signal for more offerings to be provided in the capital market throughout 2022. “As we all look forward to a better year, we hope that today’s IPO will help set in motion more offerings and active participation in the Philippine capital market for the rest of 2022,” furthered Aquino.

Sources: Manila Times, PhilStar